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The document is an application form (DA Form 3508) for military members seeking remission or cancellation of indebtedness to the United States. It outlines the required personal and financial information, including income, expenses, debts, and marital status. The form emphasizes the importance of providing accurate data to support the request and includes sections for additional remarks and certification by the applicant and their commander.

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What documentation do I need for 3508S?

As with the original Form 3508S, the revised Form 3508S requires that borrowers provide: legal name and dba name, if any; address; business TIN (EIC, SSN); contact information; SBA and lender PPP loan numbers; PPP loan amount; PPP loan funding date;

Which is the easiest PPP forgiveness form to use?

Form 3508S The S form is the simplest forgiveness form, requiring the fewest calculations and least amount of documentation. You may use Form 3508S if your loan amount was $150,000 or less for an individual First or Second Draw PPP Loan.

What is a 3508S?

You can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using this SBA Form 3508S only if the loan amount you received from your Lender was $150,000 or less for an individual First or Second Draw PPP Loan.

How do I fill out a SBA loan forgiveness?

Here are the steps you need to take to fill out the forgiveness calculation form. Step 1: Provide basic business and loan information. ... Step 2: Confirm your payroll schedule. ... Step 3: Determine your covered period. ... Step 4: Confirm whether your loan amount was above $2 million. ... Step 5: Perform forgiveness amount calculations.

Who can use SBA form 3508?

Only borrowers who took out loans that were $150,000 or less can use the form. The Consolidated Appropriations Act expanded who can use this version of Form 3508. Originally, only borrowers who took out loans of $50,000 or less could use it. Now, borrowers who took out loans of $150,000 or less can use it.

da 3508

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Who must use form 3508?

A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form.

Who can use SBA 3508 s?

What form should I use 3508 or 3508EZ?

Form 3508EZ and S are simplified documents for eligible employers and solopreneurs. Unless you qualify to use the EZ or S versions, you must apply with the regular Form 3508.

Which is easier 3508S or 3508EZ?

The 3508S and 3508EZ PPP forgiveness forms are shorter and easier to fill out than the standard 3508 form, so they will require less of your time. However, if you don't meet the requirements of the S or EZ forms, you'll have to take the time to fill out the longer 3508 form.

Who can use form 3508 EZ?

The 3508EZ form is for borrowers that received first or second draw PPP loans of more than $150,000. If you're eligible to use the 3508EZ form when applying for PPP loan forgiveness, you'll get to save some time and energy compared to those who have to fill out the regular 3508 form.

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What documentation do I need for 3508S?

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Who must use form 3508?

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